Dear User Advisorymandi.com or Pro advisory Championship (PAC) having purpose to provide you analytical skills of numbers of SEBI registered Research Analysts and Investment Advisers to choose best one among them for your hard earned investments. We Advisorymandi.com or Pro advisory Championship (PAC) not promote any adviser or provide any advise through Call, SMS and Social media platforms or give assurance of any return.

Register as Broker

Interested In

Update Profile

NEW DELHI - Vedanta Resources is considering options including lay-offs for some of the 2,000 employees of its iron ore business in southwest India that was shut down by a court, two sources said, as it struggles with a series of setbacks in the country.

The Supreme Court in February cancelled all iron ore extraction permits in the southwestern state of Goa and ordered mining to cease from March 16 on environmental and other concerns. The state is known for its low-quality iron ore exported to countries such as China.

London-listed Vedanta, controlled by Indian billionaire Anil Agarwal, has come under increased scrutiny in the country since police opened fire on protesters, killing 13, at a demonstration against its copper smelter in southern India last month. The smelter has since been shut down.

In Goa, industry leaders and the two sources close to Vedanta said mining was unlikely to resume within the next three years at least, as the state would have to conduct a fresh survey of its iron ore reserves before auctioning mines and seeking environmental clearances to operate them.

Vedanta said in late March it was likely to record an impairment charge of up to $600 million following the closure of the iron ore business. It added, however, that the Goa ore business would not have "any material impact" on the overall profitability of the group.

One of the sources close to the company said Vedanta typically does not fire workers, but keeping on all employees without generating sales would be difficult. The sources did not give any timeline for any action, but added the company might also offer to retain them without pay.

In response to Reuters questions on its plans for the workforce, Sangeetha Chakravarthy, a spokeswoman for Vedanta's Goa iron ore business, said in a statement: "We have moved some of our personnel to other units across the country, however that is a small fraction of the total workforce impacted by the mining ban. As of now, employees are being paid. However, this is not indefinitely sustainable in the absence of any revenue."

The company, the biggest miner in Goa with an annual production of around 5.5 million tonnes before the shutdown, said it spends 120 million rupees ($1.77 million) a month on salaries of its employees in the state.

Prasanna Acharya, head of Goa's Directorate of Mines and Geology, was not immediately available for comment, his office said.

Chakravarthy said Vedanta's Goa employees had been told not to report to work, but added the company had retained its workforce during previous court and government-imposed mining bans between 2012 and 2015.

Several small, unlisted companies were also affected by the ban.

"The court order came as a rude shock but companies by and large have retained their direct employees, in the hope that things will be worked out," said Glenn Kalavampara, secretary of the Goa Mineral Ore Exporters Association. "But for how long can they keep them?"

Vedanta's India business, run through its local unit Vedanta Ltd, has been a target of environmentalists for years. The southern state of Tamil Nadu shut down its copper smelter on environmental grounds following the police shootings at a demonstration against an expansion of the plant on May 22.

Environmental activists and some locals are also opposed to its alumina refinery in the eastern state of Odisha. Vedanta denies it is in breach of any environmental rules and says it adheres to international standards of sustainability and corporate governance.

Dr. Ravindra Dhivare

Dr. Ravindra Dhivare

Advisorymandi.com is really appreciable . As they give proper calls & levels with proper SL. Advisorymandi,com teaches us, how to trade in share market in proper way. Personalized services also tell you about your services like, phone calls, reminders & other suggestions are really very appreciable with polite conversations.
Outstanding team effort as they are very cooperative , polite and helps in sorting out problems and queries in best possible manner.

SHAKTI

Working with Advisorymandi.com was the best decision of my life. The work is highly credible. A BIG... Read More

SHAKTI

Working with Advisorymandi.com was the best decision of my life. The work is highly credible. A BIG THANKS for their virtuoso services.

ADITYA

ADVISORYMANI.COM is a platform where you can know everything about share market and how to trade?It... Read More

ADITYA

ADVISORYMANI.COM is a platform where you can know everything about share market and how to trade?It is a best Platform for a beginner who has just started trading. Employee of advisorymandi are very friendly. They are always ready for you to help in any condition. From my opinion every beginner who wants to be a successful trader , they the should join "ADVISORYMANDI.COM"

MANDEEP

YOUR WORK SPEAKS VOLUMES OF THE KIND OF CONCEPTS IT IS-EFFICIENT,ORGANIZED and RESULT ORIENTED. WELL... Read More

MANDEEP

YOUR WORK SPEAKS VOLUMES OF THE KIND OF CONCEPTS IT IS-EFFICIENT,ORGANIZED and RESULT ORIENTED. WELL DONE!! ADVISORYMANDI.COM AND TEAM

Experts Pick

Sagar Dua

Sector Movers And Shakers

The Indian benchmark has managed to bounce back after forming an intraday low of 10,819.2 levels, st...

Sagar Dua

Research

Sagar Dua

Sector Movers And Shakers

The Indian benchmark has managed to bounce back after forming an intraday low of 10,819.2 levels, st...

Sagar Dua

Research

Sagar Dua

Sector Movers And Shakers

The Indian benchmark has managed to bounce back after forming an intraday low of 10,819.2 levels, st...

OPINION POLL

Will rupee recover to $68 by year end?

Yes

No

Can't Say

Total Votes: 2625

Enter email-id to share this news

Important Information

Please fill the required Disclosure/Disclaimer.

Disclaimer

The information and material contained in these pages and the terms, conditions, and descriptions that appear are subject to change without prior notice. Investments in equity shares, debentures, commodities, etc, are not obligations of or guaranteed by the ADVISORYMANDI , and are subject to investment risks.....More